CBSE Questions for Class 10 Elements Of Book Keeping And Accountancy Final Accounts Quiz 2 - MCQExams.com

Carriage outwards are shown in the _________.
  • Trading account
  • Profit and loss account
  • Balance sheet
  • None of the Above
The manager of the business is sometimes given the commission on _______.
  • Salary
  • Purchase
  • Gross profit
  • Net profit
Accounting entry for interest on drawings is __________.
  • Profit and Loss A/c Dr.
    To Capital A/c
  • Capital A/c Dr.
    To Profit and Loss A/c
  • Interest A/c Dr.
    To Capital A/c
  • None of the above
If the rate of gross profit is $$20\%$$ on the cost of goods sold and the sales are Rs.1,50,000, then the total gross profit would be__________.
  • Rs.25,000
  • Rs.30,000
  • Rs.37,500
  • None of these
The General Manager gets $$\dfrac{1}{4}$$ of the profit as commission after charging such commission of Works Manager, which is 10% of profits after charging such commission. If profit is Rs. 2,200, the commission of General manager is:
  • Rs.495
  • Rs.384
  • Rs.500
  • Rs.400
Indicate which of the following is not correct ?
  • Sales - Gross profit - Cost of goods sold = Zero
  • Net profit - Operating expenses = Gross profit
  • Sales - Cost of goods sold - Operating expenses = Net profit
  • Sales - Net profit - Operating expense = Cost of goods sold
  • All of the above
Accounting entry for Manager's Commission (outstanding) on net profits will be made as _______________.
  • Outstanding Manager's Commission A/c To Commission A/c
  • Outstanding Manager's Commission A/c To Profit and Loss A/c
  • Profit and Loss A/c To Outstanding Manager's Commission A/c
  • None of the above
The loss on sale of old scooter is debited to __________.
  • Depreciation Account
  • Scooter Account
  • Profit and Loss Account
  • None of the above
The Manufacturing Account is closed by transferring its balance to the debit side of the _____________.
  • Profit and Loss Account
  • Trading Account
  • Balance Sheet
  • None of the above
A business concern usually provides _______ for its customers for prompt payments.
  • Cash Discount
  • Trade Discount
  • Both A and B
  • None of these.
If profits are $$25\%$$ of selling price, what is the percentage of profit to cost ?
  • $$20\%$$
  • $$25\%$$
  • $$30\%$$
  • $$33 \, 1/3\%$$
The works manager gets commission of 10% on the profit after charging such commission. If the profit is Rs.2,200 what is the amount of his commission ?
  • Rs.220
  • Rs.200
  • Rs.240
  • Rs.244.44
Net Profit of business before charging commission is Rs 110,000 and manager is entitled to get commission of net profit before charging commission 10% p.a. , the commission will be calculated as Rs. _________.
  • 11,000
  • 12,000
  • 13,000
  • 10,500
Interest on capital is ______ for a business concern.
  • Expense
  • Income
  • Asset
  • Liability
Net Profit of business before charging commission is Rs 8,00,000 and manager are entitled to get a commission of net profit after charging commission 20 %, the commission will be calculated as Rs _________.
  • Rs 2,00,000
  • Rs 1,90,000
  • Rs 1,95,000
  • None of these.
Percentage commission to manager can be  calculate on net profit _______.
  • Before charging commission
  • After charging commission
  • Either on net profit before or after charging commission
  • None
Debtors Closing Balance Rs 5000, R.D.D 10 % and Provision for discount on Debtors is  5% than what is its value of provision on discount.
  • Rs. 225
  • Rs. 200
  • Rs. 300
  • Rs. 350
The manager of business is given ________ on Net Profit.
  • Commission
  • Interest
  • Discount
  • None
when provision is provided current years profit is ___________.
  • Reduced
  • Increased
  • Doubled
  • None
Interest on capital is calculated on _____________.
  • Opening capital
  • Additional Capital
  • Closing capital
  • Both A & B
Providing Interest on Capital _______ net profit.
  • Reduces
  • Increases
  • No effect
  • None
Provision for Discount on Debtors is ___________ to Profit and loss account.
  • Debited
  • Credited
  • Not recorded
  • No entry
When the firm thinks of availing discount on bulk purchases, then ____________________________.
  • The number of orders will increases if the minimum quantity of purchase is less than the EOQ.
  • The carrying costs will increases if the EOQ is less than the minimum quantity of purchase.
  • The discount will not affect the carrying costs.
  • Incremental benefits come due to discount and carrying costs.
  • The incremental costs are equal to incremental befits and so discount can be ignored to calculated EOQ.
Gross profit is total revenue.
  • True
  • False
Opening capital Rs. 100000 and additional capital on 1st Oct was Rs. 20000
Interest on capital @ 10% on 31st march closing will be ?
  • 5,000
  • 8,000
  • 11,000
  • None of these.
Commission to manager is __________ to Profit and loss Account.
  • Debited
  • Credited
  • Added
  • Deducted
Commission due but not paid to the manager at d end of the years appears under __________ side.
  • Asset
  • Liability
  • Trading A/c Debit side
  • None
When interest on capital is allowed _________ is credited.
  • Capital A/c
  • Profit and loss A/c
  • Cash A/c
  • None
ABC analysis of inventory __________________________.
  • Is useful for companies having different items in an inventory with different quantities and values.
  • Segregates items with smaller value in the category A
  • Segregates items which are larger in number with small rupee investment into category C.
  • Both (A) and (C) above
  • Both (A) and (B) above
Choose the correct chronological order of ascertainment of the following profits from the profit and loss account.
  • Operating Profit, Net Profit, Gross Profit
  • Operating Profit, Gross Profit, Net Profit
  • Gross Profit, Operating Profit, Net Profit
  • Gross Profit, Net Profit, Operating Profit
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Practice Class 10 Elements Of Book Keeping And Accountancy Quiz Questions and Answers